Adding opening balances when you switch to NoCFO at the turn of the financial year

What you need before you start

Before entering the opening balances, get hold of the previous financial year's financial statements, which include an account-level income statement and balance sheet. In the account-level income statement and balance sheet, the closing balance of every individual account is visible separately — a summary alone is not enough.

Step 1 — Check the financial years

Go to the Financial Years tab and make sure it contains both the ended financial year (e.g. 2025) and the current financial year (e.g. 2026). If either is missing, add it with the "New financial year" button and set the correct dates.

Step 2 — Enter the income statement opening balances

Go to the Accounts tab and enter the 2025 account-level income statement closing balances as opening balances. Use the account-level income statement from your financial statements as the source.

At the same time, adjust the chart of accounts to fit: activate the accounts you use. If an account is missing entirely, add it or edit one of the existing ones. → See: Chart of accounts – adding, editing, and hiding accounts

Note: opening balances for income statement expense accounts are entered as negative values, so the income statement is calculated correctly.

Step 3 — Check the income statement

Print the 2025 income statement from NoCFO and compare it to the figures in your financial statements. Make sure both the figures and the headings match. If something doesn't match, check that account's opening balance and the chart of accounts structure.

Step 4 — Enter the balance sheet opening balances

Enter the 2025 balance sheet account-level closing balances the same way from the Accounts tab.

Important note: the financial year's profit or loss is not entered manually. NoCFO calculates it automatically based on the income statement.

Step 5 — Check the balance sheet

Print the balance sheet from NoCFO and compare it to the figures in your financial statements. Make sure both the figures and the headings match.

Step 6 — Close the 2025 financial year

Once all the figures match, close the 2025 financial year from the Financial Years tab. After that, the comparison figures will appear in the income statement alongside the 2026 figures, and you can start bookkeeping normally.

If you need help entering the opening balances, contact NoCFO support via chat.